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WorksheetsPrinciples of Business - Chapter 6
Total questions: 31
Worksheet time: 16mins
Most of the money needed to start a new business comes from
the sale of stock
credit given by businesses
personal and business loans
the entrepreneur and his/her family
All entrepreneurship opportunities emerge from inventions and innovations.
True
False
Successful entrepreneurs tend to have all the following characteristics EXCEPT
energetic
goal-oriented
creative
hesitant
What is the LEAST important factor in becoming an entrepreneur?
living in a major U.S. city
having special skills & abilities
desire to be your own boss
developing a good business plan
If you start a new business, you need information about
competitors
government regulations
customers
all of the above
Why is location important to small businesses?
Most need good foot traffic to survive
many will stay away if it's not easy to find
customers don't want to travel far
all of the above
The federal agency that helps small business owners obtain financing and other support is known as
OSHA
Chamber of Commerce
Small Business Administration
Proprietorship
Money provided by large investors to finance new products/businesses is known as
venture capital
Inventory
Small Business Administration (SBA)
entrepreneurship
The type of financing needed for the main resources that will last for many years is called
start-up financing
short-term financing
long-term financing
inventory financing
Almost all people starting small businesses have graduated from
high school
college
doctoral program
business school
Products a business keeps on hands is referred to as
start-up
inventory
innovation
improvement
An _______________________ is an invention or creation that is brand new.
Start-up
plan
improvement
innovation
The five P's of Entrepreneurship are
Purpose, Passion, Presence, People Profit
People, Profit, Passion, Planning, Purpose
People, Profit, Purpose, Passion, Persistence
Profit, Passion, Purpose, Possessions, Persistence
An entrepreneur is
over 30 years old
is a person who starts a new business or purchases an existing business
Is a person who Opens and Closes a business every day
is a college graduate
Entrepreneurship is
willingly working a lot of hours
willingly risking resources to start and run a business in pursuit of profit
is getting permission to run your own business
Making dangerous decisions
A trait is
Common for every person
ability to influence
a distinguishing characteristic or quality that makes each person unique
a social skill
Job specific skills are know as
basic skills
skills of the trade
math skills
communication skills
Examples of transferable skills
Effective communication skills
Presentation skills
time management skills
All of the above
Basic skills include all except
basic math functions
reading and writing
writing computer code
effective speaking and listening
The process of setting goals and deciding how to accomplish them is
organizing
Creating
planning
absorbing
Where do entrepreneurs go for professional advise
Mentors
SBA
SCORE
All of the above
Which one of the following is not a reason a business fails
Lack of Money
Lack of time
Poor management skills
Poor location
Gathering and analyzing of information about a business is
collateral
mission statement
market research
business plan
All of the people and organizations that might purchase a product is call a
consumer
SBA
market
trade group
A written statement of goals and objectives for a business with a strategy to achieve them is called
mission statment
business plan
financial plan
Market analysis
A sentence describing the purpose of the business is called
business plan
mission statement
market analysis
projection
Money necessary to start and open a business is called
Seed capital
financial statement
Start-up capital
savings account
An asset pledged that will be claimed by the lender if the loan is not repaid
home mortgage
collateral
insurance
venture capital
Capital brought into the business in exchange for a percent of ownership in the business
Equity financing
Venture capital
Angel investment
collateral
Money invested in a business by investors who form partnerships or groups to pool investments.
equity financing
venture capital
angel investor
collateral
Private investors who fund start-up businesses
Equity financing
Venture capitalists
Debt financers
Angel investors
